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We Tailor Our Services to Your Personal Needs

Finding the right accounting firm is one of the most important decisions you will make. Business owners and individuals need an adviser they can count on to point out opportunities and risks. Everyone needs an adviser that makes them feel comfortable with the process, whether they are filing their personal taxes or wrapping up their corporate year end. For accounting and tax advice you can trust, look to WS Accounting Services Inc.

Do you want to feel confident in your company's financial matters while taking the next step up your business development stairway? WS Accounting Services Inc. is here to help and support you by providing a wide range of bookkeeping services in Kelowna

Our many years’ experience operating in the Canadian market is the keystone of our contribution towards a client’s improved future business performance. From bookkeeping to ensuring your business is up to date with Government Filings, WS Accounting Services Inc. is here.

WS Accounting Services Inc. tax experts are always happy to assist its customers in the preparation of their income tax returns. We offer a service to our clients by preparing personal tax returns for individuals. Let us help you to avoid the stress of tax compliance.

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how can we help you ?

Our Practice Areas

Up to Date Tax Preparation

Offering services for both Canadian and US Income Tax Returns! We prefer to take a proactive approach to tax services. It is more important than ever to remain current on new tax laws and legislation to enable key tax planning opportunities and minimize tax liabilities. We provide our clients, whether individuals, corporate or owner managed businesses, with the knowledge and service they require throughout the year. Let us complete and electronically file your Tax Returns.

Organizing your Business

Well organized financial records ensure that your business operation will run more efficiently on a daily basis and are the foundation of a successful business. Whether monthly/quarterly or annual, we keep our clients on track and on time with the increasingly complex remittances required for GST/PST. Depending on your business needs, we can provide you with customized computer based financial records using Quickbooks.

Your Employees are the Heart of your Organization

Our office provides complete payroll services , including preparation of payroll and cheques, T4 & T5 slips and summaries, monthly payroll remittances to Canada Revenue Agency, Record of Employment forms, as well as WorkSafe services. For our contracor clients we will track subcontractor payments and file T5018 slips and summaries for all your subcontractors as required by CRA.

The Care and Precision You Need to Save Where You Can

We will professionally prepare the annual Financial Statements for your business reporting requirements. Financial Statments are a necessary and effective tool in proactive planning and decision making. We review the information with our clients to ensure the completeness and accuracy of the information, and to answer any accounting or tax related questions that they may have as a result of the year end process.

Supporting Entrepreneurs to get your Business Started

We look forward to providing you with the advice you need on all aspects of starting your new venture. Whether considering a proprietorship, corporation or partnership, we are here to help you decide which structure will best suit your individual needs.

Why Choose Us?

Professional Accountants

Full Service

For all your Tax and Bookkeeping needs, let us worry about the details.

Individual Solutions

We understand the specialized markets in which you operate and provide tailored solutions to meet your unique business needs.

Testimonials

Don't Just Take Our Word For It

We moved our business and personal accounting over to WS Accounting Services Inc. after our previous Accountant had really let us down. They patiently waded through our last two years and straightened things out for us. Now, going forward, I feel very confident that we are building our business on a very professional base with Wendi's help. I would highly recommend this firm to you. They are professional, down to earth and very easy to work with.

Julie Steed, Owner - Steed Speed Advance Performance Products

I was very impressed with Wendi’s knowledge of the Real Estate Industry and how at ease she makes me feel. Now I can concentrate on what I do. I recommend her to all my co-workers

Adrienne Louie, Realtor - Royal Lepage

I highly recommend WS for personal and business accounting.
My company was just audited and Wendi handled it all for me.
The outcome was favorable!

No, but we do emphasize prompt response and innovative solutions to a wide range of business problems, and we research and present in clear language available options for our clients. We offer a wide range of services, including financial statement audits, reviews, and compilations, tax planning and advocacy, estate and trust services, closely held business advisory services, and business valuations. We serve a variety of individuals, not-for-profit organizations, corporations, and partnerships from various industries, and we make serving each client our highest priority.

Our services are based on an hourly fee based on the complexity of the work being performed and the experience level of the staff performing the work. Our hourly rates are competitive in the public accounting field. We feel we provide a great value when looking at the work we perform for the cost incurred.

WS Accounting Services Inc. can provide payroll reporting, or provide full payroll processing for your business. We understand that each client is unique, and we provide services customized to each client’s specific needs.

WS Accounting Services Inc. offers comprehensive assurance, tax, and consulting services to individuals seeking the knowledge and experience that comes with over 25 years of providing tax services to our clients.

We can work with you on many fronts, from choosing the best entity type for a new business venture to helping you through the process of handling a loved one’s estate matters to simply preparing your individual tax returns.

WS Accounting Services Inc. also has a significant financial statement practice that includes audit, review, and compilation services for organizations of all sizes, including not-for-profit organizations. Extensive quality control procedures are in place to best ensure that your work is done correctly, and efficiently, all for a reasonable fee.

If you are behind on your taxes or bookkeeping, talk to us and we will work with you to get you caught up before the Canada Revenue Agency comes knocking, because if your asking this question, it's only a matter of time.

The onus is on you, the taxpayer, to submit a T1-Adjustment to CRA and notify them of the missed Slip and they will re-assess your tax year.

The danger here is that if you don’t report the late slip and CRA catches the Slip not reported on your taxes – they readily assume that you, the taxpayer, have tried to mislead them by NOT reporting this income and may impose a penalty of 50% of the tax due by this omission. This could be huge and a major slam to your bank account.

One client this happened to was fined $4500 as the T4 issued from BC did not arrive at their home in Alberta. CRA view is that they knew of the income they received in BC and therefore had an obligation to report it (or at least an estimate of what was earned).

If you have a rental property, the basic write-offs include the interest you pay on your mortgage, property taxes, insurance, utilities (if you pay them), repairs & maintenance, property management fees, advertising, accounting fees, condo fees, and bank fees. Some repairs are expenses and some repairs are capital additions. Larger, more permanent improvements to the property must be capitalized and depreciated over a number of years. If you have ever or plan to ever use the rental property as a principal residence, then you must be careful to not disqualify yourself from claiming the Principal Residence Deduction. The Principal Residence Deduction is available on your home, and means you don’t pay tax on capital gains of your own home when you sell it. If, at any time, you rent out the house that you also plan to claim the Principal Residence Deduction on, you should talk to us first.

No. Our philosophy is to offer our clients individualized, comprehensive tax preparation services. To accomplish this, we feel that our clients are better served by in-house tax preparation, where our clients can meet with trained individuals to go over their tax needs both before we prepare your taxes and after, when we discuss the results.

Unresolved tax issues with the Canada Revenue Agency (CRA) pose significant risks to taxpayers. The CRA has formidable powers that it exercises frequently to collect under the various tax acts. Taxpayers facing problems such as past due tax returns, undeclared income, or outstanding tax debt could face harsh consequences including:

Interest: Unpaid taxes can accrue significant interest, often increasing the tax debt many times higher than original amount. Interest charged by the CRA is compounded daily and is set at a rate much higher than that offered by financial institutions. In most cases, interest accrual cannot be stopped until the entire debt is paid in full.

Penalties: The CRA often levies financial penalties on filing errors and/or omissions, including late filing penalties, repeated failure to report penalties, and gross negligence penalties which can be as high as 50% of the understated tax. Penalties are meant to be punitive and the CRA usually applies them very liberally.

Prosecution: In cases of significant tax evasion, the CRA can pursue criminal prosecution and routinely publishes information on successful criminal convictions. Under the Income Tax Act and the Excise Tax Act, persons convicted of tax evasion can face fines ranging from 50% to 200% of the taxes evaded and up to two years imprisonment. Upon conviction on an indictment, a fine ranging from 100% to 200% of evaded taxes and up to five years in imprisonment can be imposed.

Enforcement Action: The CRA has a variety of legal powers that it can exercise to collect an outstanding tax debt. These powers include:

wage garnishments;

bank account seizures;

liens on your home, vehicle and other property;

RRSP, RESP seizures.

It is never beneficial to ignore outstanding tax debts. WS Accounting Services Inc. can help resolve your tax problems before it turns into a tax emergency. Our expert staff work with you to create a personalized solution that ends your tax problem taking into account your personal, professional and financial interests.

A corporation is a separate legal entity from yourself. If you’re incorporated, you would have ‘Articles of Incorporation’, however registering for a Business Number or registering a trade name does not mean you are incorporated. If you incorporate your small business, you need to register for a Business Number and can also register a trade name. You do not need to incorporate to protect a trade name.

A proprietorship means you are the business. You are able to operate a business, register for a Business Number and register a trade name, but still remain a proprietorship.

There are two main reasons to incorporate; one is liability, if your business puts you at risk (your actions may cause damage to property or injury to a person) then there may be a chance that you could be sued for damages; and as a sole-proprietor your personal assets, cash, home and vehicle would be at risk. The second is tax advantage, if your business is achieving sales/revenues above $50,000 yearly then, you’re no longer operating a “casual” business and need to elevate your business posture.

In the Construction Industry you need to complete a CRA form T5018 (Statement of Contract Payments) showing the money disbursed to each contractor. If the contractor is a business, the Slip will need to reflect the business name, mailing address and business number. If the contractor is an individual the Slip will need to reflect their full name, mailing address and Social Insurance Number.

If you operate outside of the construction industry, then the same information applies and needs to be reported on a T4A Slip.

It’s extremely important that you do not over-contribute to your RRSP account. Before you invest in an RRSP, check the balance on your NOA or call us to confirm your RRSP balance. RRSP contributions that exceed the allowable RRSP threshold available to you is subject to a 1% per month tax.

An audit by the Canada Revenue Agency (CRA) is a review of a taxpayer’s books and records to ensure that tax returns accurately reflect the taxes owed and all filing and payment obligations are being met. The following is a list of common mistakes made by taxpayers when dealing with a CRA audit.

Ignoring the CRA: taxpayers sometimes believe that ignoring the CRA will make an audit disappear. This is an ill-advised tactic that only serves to harm the taxpayer. Ignoring the CRA does not make them go away. Instead, by ignoring their problems, taxpayers end up missing important deadlines, and forcing the CRA to audit based on assumptions. These assumptions often lead to grossly inaccurate reassessments that are never in the taxpayer’s favor.

Providing unnecessary information: taxpayers often provide too much or unnecessary information during a CRA audit in an attempt to be cooperative and forthcoming. Unfortunately, they end up making admissions or disclosures that can complicate matters unnecessarily. It is important to be aware that CRA auditors are hunting for inconsistencies. Providing unnecessary information creates additional opportunities for the CRA to find errors and discrepancies. Taxpayers should strongly consider professional representation before corresponding with the CRA.

Giving up: a CRA audit is a stressful and time consuming process that can quickly become overwhelming. In order to end their frustration, taxpayers concede to the CRA and accept their reassessments at face value, even when they know the CRA is wrong. Giving up out of frustration should never be an option. Our tax system has an independent objections and appeals process that taxpayers should take advantage of with a professional representative. Having an independent review of the audit can often lead to reductions in the amount of taxes owed. In addition, the CRA frequently makes errors in audits that taxpayers never even realize. By giving up, taxpayers accept the CRA’s work – errors included. Hiring a professional to review the CRA’s work is a smart move that can save taxpayers thousands of dollars.

Taxpayers should seek professional representation immediately upon receiving any correspondence from the CRA. The professionals at WS Accounting Services can help provide guidance throughout the audit process and yield significant tax savings. Our team includes professionals, who work with you at every stage of the audit to resolve your tax problem quickly and efficiently.